Re: Full Employment is what?

["Forstater, Mathew" <ForstaterM@xxxxxxxx>]

on elr and inflation, price stability, etc.:

As Vickrey pointed out, what are of concern are unexpected changes in the rate
of inflation, up or down (although he also argued that fears of inflation are
overstated, unemployment is the worse evil, and the greatest dangers associated
with inflation are the measures usually taken to control it [unemployment]).  It
is very unlikely that unexpected changes in the rate of inflation will be due to
wage-related factors under a regime where elr workers are paid a fixed
government-set program wage.  A one time increase in the price level? Possibly,
as many of those promoting elr/jg have noted. But unexpected changes in the rate
of inflation?  see my "Savings-Recycling Public Employment" in JPKE, Vol. 22,
No. 3, 2000, and in A. Warner, et al. (eds): Commitment to Full Employment, M.E.
Sharpe, 2000.